Bride of If You Can Draw A Straight Line

[niko]

Quote from niko:

9:43 Is this some sort of trend channel?

9:50 Looking choppy here

 

[dbphoenix]

Quote from niko:

9:43 Is this some sort of trend channel?

No. This is typical of the sort of thrashing around one finds when traders are confused, which is always the case at important levels.

Wait for clarity.

 

[niko]

10:10 Buyers pushed hard but it was not enough, back in the chop.

 

[niko]

10:16 out of the chop, but no entries yet. The RET at 10:12 was not taken as it was inside the chop.

 

[niko]

10:22 SL broken

 

[niko]

10:28 Entry at 75.25
10:30 DL broken
10:37 DL fanned
10:39 DL broken
10:40 This is starting to look like chop once again.

 

[niko]

Ok, I am done for the day, only one trade (1 loser). Did anyone take the short at 10:13?

 

[bmwhendrix]

I did, but I only covered what I lost in the chop earlier.

 

[dbphoenix]

Nothing much yet from other threads on the fabulous trades they "took". What is more important here for the beginner is understanding that if one follows the drill he can get through this with few to no losses and perhaps even pick up a tick or two. Compare that to those who lost bigger but who don't want to admit it.

 

[llIHeroic]

Ah, missed the train today on the first ride down. I even had it in my notes that heavy resistance should be expected at 88 from the Hourly Supply Line.

Seems like a no brainer that such a heavy rejection of buyers upside BO attempt out the range would turn into a down-move. We've seen it happen a million times.

I think that I need to begin incorporating entry parameters for sub-1m retracements in order to give myself a second chance to catch some of these. Perfectly good entry around 80 about a minute later that I just watched since my plan doesn't include those.

It's always an adventure, for sure.